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Stock Performances: Microsoft, Alphabet, Meta Platforms and Nvidia Corp (NASDAQ:NVDA) reported gains of around or more than 2% in today’s trading session at the time of writing. Amazon.com, Inc. (NASDAQ:AMZN) shares surged around 4%.

This is in comparison to the 1% gain reported by the Technology Select Sector SPDR Fund (NYSE:XLK).

Meanwhile, other players such as UiPath Inc (NYSE:PATH), and Dynatrace Inc (NYSE:DT) are also trading up at the time of writing.

In the past six months, Alphabet's shares surged 16% while Meta Platforms saw a 25% gain and Amazon reported a 30% rise. Nvidia saw a significant 42% increase. Technology Select Sector SPDR Fund saw a marginal 8% gain in the same period.

On AI’s continued use in advertising and new use cases, CFO Susan Li said, “You’ll see that we have been increasingly testing these in our AI sandbox. As they become more mature, we’ll incorporate them into our ads manager directly.”

Apple is looking at a $1 billion investment annually in AI, a sector it initially resisted, with recent job listings indicating an increased focus on AI-driven features and products. The company also released an AI-based auto-correct feature for iOS 17 in early 2023.

UiPath’s recent quarterly earnings saw a boost led by rising demand for its AI products

In August, AI start-up company Hugging Face secured $235 million in a Series D funding round led by IBM (NYSE:IBM), Alphabet, Amazon, Nvidia, AMD, Intel and Qualcomm.

The company’s valuation has now increased to $4.5 billion. Hugging Face provides a platform where developers can freely share code, models and datasets. It also develops software tools called libraries that aid in model implementation, dataset cleaning and performance evaluation.

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